XPO Logistics said the sale of its truckload operations includes approximately 3,000 tractors, 7,500 trailers and 29 facilities it acquired in its October 2015 purchase of Con-way Inc., and proceeds will be used to pay down debt.
The less-than-truckload carrier reported a net income of $85.6 million on revenues of $782.6 million for the third quarter of 2016, year-over-year increases of 1.4 percent and 0.4 percent, respectively.
Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
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Various media reports have speculated the sale of South Korean liner carrier Hanjin Shipping, viewing COSCO and Maersk Line as possible buyers.
French ocean carrier CMA CGM, Hapag-Lloyd of Germany and Hong Kong’s OOCL issued general rate increases.
Ocean carrier CMA CGM of France, Germany’s Hapag-Lloyd and Hamburg Sud, and MOL of Japan issued general rate increases on various trades.